Since the start of the conflict, the European Union has provided nearly €178 billion in aid to Ukraine, including some €62.3 billion in military aid, according to Valdis Dombrovskis, the European Commissioner for the Economy and Productivity.
Moreover, in 2024, under the leadership of the EU and in cooperation with the G7 countries, an additional financial injection of around €45 billion was made available, designed as quick loans and grants to stabilise Kiev's budget and defence capabilities. Under the proposed mechanism, these loans are to be repaid in the future from the proceeds of frozen and immobilised assets of the Russian Central Bank held in Western jurisdictions.
More than €22 billion of these released funds have so far been actually spent on operational needs, equipment purchases and support to civil administration. Dombrovskis also stressed that the EU has been Ukraine's largest global partner in terms of financial support since the start of the war.
A key and controversial element of the discussion is the so-called "reparations loan" - an ambitious framework that would allow Kiev to obtain large, predictable loan funds, with repayment secured only after any reparations claims against Russia are completed and the proceeds from immobilised assets are used. Proponents argue that the EU could thus offer Ukraine immediate liquidity without directly confiscating sovereign assets.
The legal and political risks are considerable. Russia has repeatedly warned that any attempt to transfer or use these assets will be considered an illegal interference with sovereign property and will trigger a "proportional" response. This was the latest statement echoed by Russia's ambassador to Belgium, Denis Gonchar - according to TASS news agency - with the warning that "any attempt to confiscate or use sovereign assets will be perceived as theft... the response will be proportional."
The international community is now looking for a middle ground: how to create a legally robust mechanism that would allow the proceeds of frozen assets to be used without violating international law and without overexposing Member States' budgets to legal claims. The G7 agreements and discussions at EU level have focused on legal safeguards, transparent tracking of funds and ensuring that funds go directly to humanitarian, defence and stabilisation purposes in Ukraine.
gnews.cz - GH
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